The Strategic Value Fund will have holdings in various regions around the world.

KAM believes that having a balanced portfolio of companies and currencies should, in the long term, provide greater benefits to investors than the cost associated with hedging those currency exposures back to sterling (GBP) - costs ultimately borne by investors in the Strategic Value Fund.

KAM also believes that in the long term currencies, like other commodities, revert to long-term averages and trying to determine movements around those averages is fraught with risk.

Therefore the Strategic Value Fund will be predominantly unhedged.